October 2013 Rental Market in Hamilton CMA and Brantford CMA

TORONTO, ONTARIO--(Marketwired - Dec. 12, 2013) - The rental apartment vacancy rate(1) in the Hamilton Census Metropolitan Area (CMA) was 3.4 per cent in October 2013, relatively unchanged(2) from 3.5 per cent in October 2012, and the rental apartment vacancy rate in the Brantford CMA was relatively stable at 2.9 per cent in October 2013, compared to 3.5 per cent in October 2012 according to the Fall Rental Market Survey released today by Canada Mortgage and Housing Corporation.

"Improving youth employment, higher immigration level and limited rental apartment supply supported stable vacancy rates in Hamilton and Brantford," said Abdul Kargbo, CMHC's Senior Market Analyst for Hamilton and Brantford CMAs.

On the basis of a sample of structures common to both the 2012 and 2013 surveys(3), the average two-bedroom rent increased by 3.1 per cent in Hamilton and the average two-bedroom rent relatively unchanged in Brantford.

The vacancy rates for the largest structures size category of two hundred and more units declined among all bedroom types and in all zones in Hamilton. As well, in the past three years, rental apartment units that were constructed after the year 2000 have consecutively registered the lowest vacancy rates compared to structures built before 2000.

Rental Market data is also available in English and French at the following link: CMA Rental Market Report

As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable housing solutions. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making informed decisions.

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Additional data is available upon request.

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(1) The survey is based on privately-initiated rental apartment structures of three or more units.

(2) The change in the vacancy rate for the current year was not significantly different, on a statistical basis, from the previous year.

(3) Year-over-year comparisons of average rents can be slightly misleading because rents in newly built structures tend to be higher than in existing buildings. Excluding new structures and focusing on structures existing in both the October 2012 and October 2013 surveys provides a better indication of actual rent increases paid by tenants.

Tables are available at the following address: http://media3.marketwire.com/docs/917295a.pdf